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Preparation

Season meat on all sides with Essence, salt and pepper (preferable a few hours before cooking)
Bring roast to room temperature
Heat oil in large dutch oven and brown roast on all sides, about 4 minutes per side. Remove roast and set aside. Add onion slices and Thyme sprigs to dutch oven. Place roast on top of the onions, fat side up. Add the beef broth, and place in oven, uncovered. Roast until the beef is tender and registers an internal temp of 130-135 F, about 1 1/2/-2 hours (20 min per lb).
Transfer the roast to a platter or cutting board and let rest for 15 minutes before carving.
Meanwhile use a slotted spoon to discard the onions and thyme sprigs. Place the Dutch oven over medium-high heat to heat the beef drippings. Combine the cornstarch and water in a small bowl until dissolved. Add the cornstarch mixture to the beef drippings and bring to a boil. Cook, stirring constantly, until slightly thickened, 2-3 minutes. Remove from heat and transfer to gravy boat.